Ripple CEO criticizes Dogecoin’s “inflation dynamics”

CEO of Ripple, the company behind Ripple Cryptocurrency, I don’t like the meme-based digital currency Dogecoin (dog).

Brad Garlinghouse It is believed that DOGE is detrimental to the cryptocurrency market due to its so-called “inflationary dynamics” and unlimited supply.

Global inflation is driving Bitcoin (Bitcoin) The price is higher, but a warning to Dogecoin fan Garlinghouse debate In a panel discussion hosted by CNBC at the Fintech Abu Dhabi event on Tuesday.

“I don’t actually believe that Dogecoin is good for the cryptocurrency market, I guess it’s a bit controversial. Dogecoin itself has some inflationary dynamics, which makes me reluctant to hold it,” Ripple CEO said.

Garlinghouse pointed out that Dogecoin has no hard limit on the total supply of circulating coins, which makes it very different from some major cryptocurrencies such as Bitcoin. The upper limit is 21 million coins.

Garlinghouse added: “It was built as a joke, and then it got some push from celebrities like Elon Musk.”

Despite being skeptical about DOGE, Garlinghouse remains optimistic about the cryptocurrency market in general.

Dogecoin is a cryptocurrency based on the Shiba Inu meme and was launched as a joke in 2013.Digital currency Start with the supply limit of 100 billion coins, It hit in mid-2015. Since then, Dogecoin has switched to providing an unlimited supply, while limiting the reward of 10,000 DOGE per block to control inflation.

DOGE has become one of the most successful cryptocurrencies in 2021, Enter the top 10 cryptocurrency list Calculated by market capitalization earlier this year. At the time of writing, DOGE is the 10th most valuable digital currency. trading US$0.22, an increase of more than 6,000% over the past year.

Much of Dogecoin’s success is clearly related to the endorsement of Tesla CEO Elon Musk Start to actively promote DOGE On Twitter in 2020.

Dogecoin historical price chart. Source: CoinGecko

related: Tesla hints that it may resume support for crypto payments soon

Musk recently continued to post a lot of information about DOGE on Twitter, Raise questions about withdrawals of Dogecoin Directly to the exchange on Binance CEO Changpeng Zhao November 22. According to Binance, the ongoing problem is caused by “technical issues in the recent upgrade process that caused old transactions to be resent to 1,674 users.”

Chief Executive Officer Said Although he had tried the exchange, he did not use Binance, “but the registration is too troublesome to skip.”